Every firm should have a record retention policy and should have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept...
Published on December 01, 2008
Record Retention Policies How Long Is Long Enough
In advising clients on retention policies, the concern is often with keeping records too long, and because of the cost and logistical issues related to record retention, many taxpayers want to destroy outdated records as soon as possible...
Published on January 01, 2011
Penalty for Failing to Meet EIC Due Diligence Requirements Can Be Assessed Against Employer or Employee
The Office of Chief Counsel (OCC) advised that after the amendments to the regulations in T.D. 9436 in December 2008, the IRS continues to have the authority to assert the penalty against either the employee-preparer of a return or his or her employer for failing to meet the earned income
Published on June 01, 2010
Disagreements Between Taxpayers and the IRS over Substantiating the R&D Credit
The incentive effect of the R&D credit has been severely dampened by the fact that defending the credit during an IRS audit can be a long and frustrating process for taxpayers. But there are several vague and subjective terms in the body of the R&D tax credit law that are
Published on February 01, 2011
EITC Due-Diligence Requirements IRS Ramps Up Enforcement and Education Efforts
This article explains the basic EITC rules, the due-diligence requirements under Sec. 6695(g), and the proposed changes to the regulations under Sec. 6695(g).
Published on January 01, 2012
Staying in Touch A Year of Client Communications
Regular communication, via mailings, email, social media posts, blogs or token gifts, is the best way to strengthen long-term relationships with clients. This article features a timeline of events to use throughout the year to stay engaged with clients.
Published on June 01, 2014
States Increase Enforcement of Unclaimed Property Laws
Many states have now taken a variety of measures to promote compliance with unclaimed property laws, including increasing the number of audits, engaging third-party auditors, and offering voluntary disclosure programs.
Published on October 01, 2013
Sec. 199 Domestic Production Activities Deduction
Since 2004, Sec. 199 has allowed as a deduction a percentage of qualifying production expenses, with “production” defined broadly and requiring only that it take place “in significant part” within the United States.
Published on May 01, 2010
Sales Tax Audit Best Practices
This article discusses common issues in state sales tax audits and gives tips and best practices for each part of an audit life cycle.
Published on July 01, 2012
Report on Foreign Bank and Financial Accounts Compliance and Controversy
In recent months, concern over who is required to file the FBAR has escalated among taxpayers and tax practitioners alike. Along with stepped-up enforcement by Treasury and the IRS, this has made for a very interesting and challenging period in the life of the FBAR reporting requirement.
Published on October 01, 2009